October 2024 Newsletter
The Fall Market Forecast
October is that time of year when you’re dressing for both summer and winter—sometimes within the same day. When the sun comes out, it’s all about t-shirts and sunglasses, but as soon as the clouds roll in and the wind picks up, you’ll be glad you brought a parka. The same could be said for the current real estate market conditions.
We’re seeing two distinct camps. One group believes that recent interest rate cuts (with the potential for more on the horizon) will drive demand and spark a market revival. The other camp is less optimistic, fearing that the cuts are too little, too late. With inflation having taken its toll, they believe the market still needs a correction.
Most sellers seem to fall into the first camp, expecting demand to rebound soon, while many buyers are sitting in the second camp, cautious and waiting for further adjustments. According to recent data from the Greater Vancouver Realtors, this divide has led to a market stalemate. Have a look through the Stats Packages below to see all of the details.
We’re seeing two distinct camps. One group believes that recent interest rate cuts (with the potential for more on the horizon) will drive demand and spark a market revival. The other camp is less optimistic, fearing that the cuts are too little, too late. With inflation having taken its toll, they believe the market still needs a correction.
Most sellers seem to fall into the first camp, expecting demand to rebound soon, while many buyers are sitting in the second camp, cautious and waiting for further adjustments. According to recent data from the Greater Vancouver Realtors, this divide has led to a market stalemate. Have a look through the Stats Packages below to see all of the details.
What we do know is that the market will recover eventually—but when? Will it be in this fall market or by spring 2025? Unfortunately, we don’t have a crystal ball. With a provincial election only days away, the U.S. election around the corner, and a federal election coming within a year, the landscape is bound to shift.
For now, the best advice is to layer up—both in your wardrobe and your market strategy—and enjoy the fall colours, along with your pumpkin spice latte!
For now, the best advice is to layer up—both in your wardrobe and your market strategy—and enjoy the fall colours, along with your pumpkin spice latte!
Out and About
The Vancouver Fall Home Show returns to the Vancouver Convention Centre from October 24th to 27th. This vibrant marketplace is the perfect spot to shop for the latest (and coziest) home-related products and services and to rub shoulders with HGTV superstars like Bryan Baeumler and Bruno Feldeisen of CBC's Great Canadian Baking Show.
Agent of the Month:
Nels Agerbo
Nels Agerbo is one of Blu’s OG real estate advisers. He’s been with us since 2014 and inked hundreds of deals across the Lower Mainland. This past Sept, our resident ‘Silver Fox’ landed the title of Sales Leader after settling a family into a beautiful Coquitlam home and another first-time buyer into a condo in Kits. Nels has a firm grasp on the ever-changing Vancouver market and knows exactly how to communicate this to his clients. He’s also a big believer in patience and kindness. Way to go, Agerbo!
Local Spotlight:
Todd Talbot Builds
Todd Talbot, a long-time collaborator and friend of Blu, is back on the small screen with Todd Talbot Builds: The Passive House Project. This series spotlights the urgency for more sustainable homes to combat the climate crisis amid Canada’s devastating wildfires. The Talbots lost their home to a Kelowna wildfire in 2022, and it’s inspiring that they’re using this traumatic experience to educate others. Tune in Tuesdays on Cottage Life!